19 April 2018
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Indirect Tax GST 002007

  • Govt advances deadline for GST seller returns for April, May, June
    Apr 19, 2018
    The government has advanced the deadlines for filing of seller forms under the goods and services tax, GSTR-1, for April, May and June, in comparison to those given for previous months. GSTR-1 for the month of April will have to be filed by May 31. Earlier, 40 days were given for filing these, which would have made June 10 the deadline. Returns for May have to be filed by June 10 and for June by July 10. So, only 10 days after the month ends, against the earlier 40 days. Abhishek Jain, indirect tax partner at consultants EY India, said businesses take four of five days to close the accounts after the month ends. Leaving them five or six days to file the return.
  • GoM approves new single-page return
    Apr 18, 2018
    A ministerial panel chaired by Bihar deputy chief minister Sushil Modi has worked out a new simplified model for goods and services tax (GST) return filing as per which input tax credit could be given on a provisional basis once the supplier uploads the sales invoice. However, the current system of filing the interim return GSTR-3B while paying the tax might continue till a new single-page return is endorsed by the GST Council. The GSTR-3B was to replaced with more comprehensive returns with details of inward and outward supplies post-June.
  • Six more states to roll out intra-State e-way bills from April 20
    Apr 18, 2018
    E-way bills will be mandatory for intra-State trade in respect of six more states from April 20, Sushil Modi, Chairman of Group of Ministers on GST, said on Tuesday. These six states are Bihar, Jharkhand, Haryana, Madhya Pradesh, Tripura and Uttarakhand, Modi told reporters here. It may be recalled that e-way Bill system for intra-state movement of goods was implemented from April 15 in five states. The five states were Andhra Pradesh, Gujarat, Kerala, Telengana and Uttar Pradesh. Already Karnataka is implementing e-way Bill system for intra-state trade.
  • Intra-state e-way bill rolled out in five states from Sunday
    Apr 16, 2018
    E-way bill requirement for intra-state movement of goods has been rolled out in five states from Sunday.The bill for inter-state movement of goods valued over Rs 50,000 was rolled out on April 1. The Goods and Services Council had decided on a staggered roll out of intra-state e-way bill starting with five states — Gujarat, Uttar Pradesh, Andhra Pradesh, Telangana and Kerala. From midnight till 5 pm on Sunday, about 0.24 million e-way bill (both inter state and intra-state) was generated on the portal, an official said.
  • After a fall, GST collections set to top Rs.95,000 cr
    Apr 16, 2018
    Goods and Services Tax (GST) collections are expected to bounce back to 93,000-95,000 crore, and perhaps more, when returns for March 2018 are filed by April 20.This is against the average of about Rs.87,000 crore in the past five months.Total GST collections — the sum of Central, State and integrated GST — have been on a rollercoaster since the new tax regime came into force in July 2017. After three months of robust collections – in excess of Rs.90,000 crore each month – they dipped in the following two months.
  • E-way bills hit truck dispatches; inter-state movement down 15%
    Apr 14, 2018
    Dispatches by road transport under the goods and services tax (GST) was almost 15 per cent less than usual over the first 12 days of enforcing e-way bills for inter-state movement (of goods worth over Rs 50,000), say observers. This is also attributed to building of inventory by apprehensive traders till March 31. The enforcement began from April 1. Truckers are neutralising this fall in dispatches through higher loading of agricultural produce, with early harvesting in this rabi season.
  • Tax dept begins verifying pre-GST records
    Apr 13, 2018
    Taxpayers registered for goods and services tax (GST) have begun receiving notices from the tax department, asking them to produce documents for detailed verification of transitional credits claimed. The government had earlier identified top 50,000 assessees in terms of the claims for further analysis. In the GST regime, businesses are allowed to claim credit for central taxes (excise and service tax) paid on the stock bought in the pre-GST regime but sold after July 1, when GST came into existence.
  • Canteen services to employees will attract GST: AAR
    Apr 12, 2018
    Providing meals to office staff for a price would be liable to goods and services tax going by a decision of the Authority for Advance Rulings, a quasi-judicial body that helps taxpayers find out potential tax liabilities in advance.“Recovery of food expenses from the employees for canteen services provided by company would come under the definition of ‘outward supply’ as defined in the Section 2(83) of the Act, 2017, and therefore, taxable as a supply of service under GST,” authority ruled recently on a plea filed by Caltech Polymers, a Kerala-based footwear manufacturer.
  • Merchant trade transaction not liable to GST: Kerala AAR
    Apr 12, 2018
    The Authority for Advance Ruling (AAR) under the GST in Kerala held that merchant trade transactions, in which traded commodities never enter the country’s tax jurisdiction, are not liable to the GST as goods are never imported to India.In merchant trade transactions, a supplier is India procures goods from an overseas supplier and supplies directly to its overseas customer. In such transactions, goods do not come to the country.
  • Interstate e-way bill: Phased roll-out from April 15
    Apr 11, 2018
    After a largely smooth roll-out of the interstate electronic way bill — a mechanism to track cargo movement in the goods and services tax (GST) regime — from April 1, the government on Tuesday said five states would implement the scheme for intrastate transport as well, effective April 15. The states — Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh — together generated the bulk of interstate bills since its roll-out on April 1.
  • 5 states account for 61% of e-way bill generation: GSTN
    Apr 11, 2018
    Gujarat, Uttar Pradesh, Telangana, Andhra Pradesh and Kerala together account for 61 per cent of the inter-state e-way bill generation, GSTN said today. The electronic way or e-way bill has become mandatory for movement of goods valued over Rs 50,000 from one state to another beginning April 1. “Gujarat, Uttar Pradesh, Telangana, Andhra Pradesh and Kerala have taken the lead over other states and have emerged as the top states in terms of number of E-Way bills being generated.
  • Intra-state e-way bill to be rolled out in Kerala, Gujarat and 3 other states from Sunday
    Apr 10, 2018
    The government has decided to implement generation of e-way bill for intra-state movement of goods in five states -- Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh -- from April 15. Generating an e-way bill for inter-state movement of goods was made mandatory from April 1. E-way or electronic way bill system under the Goods and Services Tax (GST) regime promises to enable faster movement of goods through a seamless portal-driven payment system, without lorries having to wait at state borders.
  • CGST Mumbai zone mops up Rs 72,509-crore revenue till February
    Apr 09, 2018
    The Mumbai zone of the Central GST Commissionerate has mopped up revenue of Rs 72,509 crore till February this year, tax officials said. The new Goods and Services Tax (GST) regime, which harmonises all central and sales levies, was implemented by the government from July 1 of last year. The Mumbai zone consists of 11 tax payers commissionerates including Mumbai, Thane, Navi Mumbai, Palghar, Raigarh, Bhiwandi and Belapur, among others. The Mumbai city has four zones – West, East, Central and South.
  • Railway catering services to attract 5% GST
    Apr 07, 2018
    The Centre on Friday notified that a uniform rate of 5 percent will be charged towards Goods and Services Tax (GST) in all railway catering services in trains or stations. As per the Central Board of Excise and Customs (CBEC), the decision has been taken with a view to remove any doubt or uncertainty in the matter and bring uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stations. Therefore, with the approval of the competent authority, it was decided that GST on the supply of food and drinks by the Indian Railways, Indian Railways Catering and Tourism Corporation Ltd (IRCTC) or their licensees, whether in trains or at platforms (static units), will be 5 percent sans input tax credit.
  • CBEC sanctions Rs 12,700-cr GST refund claims
    Apr 02, 2018
    The government has sanctioned GST refunds worth about Rs 12,700 crore or 80 per cent of the eligible claims of exporters, an official said today.The Central Board of Excise and Customs (CBEC) had organised refund facilitation camps in field offices between March 15-31 to assist exporters in filling up refund claim forms and correct errors."IGST refund claims worth Rs 8,600 crore till January 31 were lying with the CBEC. Of this, Rs 7,700 crore worth claims have been sanctioned so far," a senior official told .With regard to those exporters who claimed refund of their input tax, the CBEC has sanctioned about Rs 5,000 crore, out of Rs 6,900 crore due till February end, the official added.
  • Over 1.7 lakh e-way bills generated on launch day; real load test today
    Apr 02, 2018
    Over 1.71 lakh inter-state e-way bill were generated on the day of nationwide launch yesterday, but the real test of the portal will be today when experts feel the volume would be significantly higher due to first working day after long holidays. E-way bill system was rolled out from April 1, in which businesses and transporters would have to produce a e-way bill for moving any goods worth over Rs 50,000 from one state to another.
  • Firms using it to track suppliers
    Mar 31, 2018
    Even though the triplicate transaction-wise goods and services tax (GST) returns remain suspended, businesses are making use of the inward-supplies form, GSTR-2, to guard themselves against audit by the taxman. Taxpayers are now mandated to file only the outward-supply return GSTR-1 and a simple summary interim return GSTR-3B, with which they pay tax and claim input tax credits. However, since the tax authorities are aggressive in verifying the ITC claims by businesses, GSTR-2 helps them provide evidence of tax contents in the goods and services they consumed, and thereby validate the credits claimed.
  • E-way bill mandatory from Sunday: Karnataka an exception to notify inter, intra-state movement
    Mar 31, 2018
    Both the businesses as well as the transporters moving goods worth Rs 50,000 from one state to another will have to carry an electronic or e-way bill from April 1, except for Karnataka having notified the e-way bill for both inter-state as well as the intra-state movement of goods. The e-way bill is being touted as an anti-evasion measure that would help boost tax collections by clamping down on the trade that currently happens on the cash basis.
  • CBIC sanctions Rs 12,639 crore GST refund to exporters
    Mar 31, 2018
    The Central Board of Indirect Taxes and Customs (CBIC) has sanctioned Rs 12,639 crore of refunds to exporters, almost all of the pending amount of Rs 13,000 crore estimated by the government at the start of this month. Out of the total Rs 12,639 crore sanctioned to exporters, Rs 7,632 crore is on account of payment of Integrated GST (IGST) on exports under the goods and services tax (GST) regime, while the rest of the amount of Rs 5,007 crore has been cleared as refunds for input tax credit (ITC), CBIC chairman Vanaja N Sarna said in a letter to CBIC officials.
  • GST Council decides to exempt 24 insurance schemes for reinsurance
    Mar 30, 2018
    The Insurance Regulatory and Development Authority of India (IRDAI) in a circular on Wednesday has informed all insurers that the Goods and Services Tax (GST) Council in its 25th meeting, has chosen to exempt reinsurance schemes from the purview of the tax network. The proposal to exempt reinsurance schemes was recommended by the Fitment Committee and was approved by the GST Council on January 18. The Council has prescribed that any benefit from the reduction in premium on such insurance schemes, must be passed on to the beneficiaries, as well as State and Central exchequers.
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